Intersect ENT (XENT) will report earnings 2-25 after the close and shares closed 5.94% lower last quarter on earnings after being down as much as 11.1%, though a name that closed higher its previous 9 reports. XENT has seen some unusual activity with 1,000 March $35 calls bought $1.75 and 3,000 of the July $27.5 ITM calls bought to open around $5.50 that sit in open interest. XENT shares formed a large weekly base at the rising 144 week MA that has proved to be an important level for correcting growth names and breaking out the last two week back above the weekly cloud with weekly RSI back above 50 and MACD crossing bullish on the weekly. The $1.02B Co. develops products for ear, nose and throat conditions and is trading 7.4X FY19 EV/Sales. XENT projections call for accelerating revenue growth after a 12% growth year in 2018, it’s lowest and down from 22% in 2017, with 17.8% and 21.7% growth seen the next two years. Gross margins are very high, though dipped to 79.5% in 2018, and seen moving back towards 83%. It also has a debt-free balance sheet with $104M in cash. XENT sees a $3B TAM for Chronic Sunisitis (current revenues $108M), a condition impacting 1 in 8 adults and among the top 10 most costly conditions for US Employers. Sinuva and Propel are its growth drivers with an expanded salesforce and in the pipeline is ASCEND RCT for drug-coated sinus balloon with top-line results expected by late 2019 and targeting an additional $1.1B TAM. Analysts have an average target of $37 on shares and short interest is near a two-year high at 5.7% of the float. Hedge Fund ownership rose 6.9% in Q4 filings, Cadian Capital exiting its stake while Healthcor Mgmt. added to its concentrated holding. Also notice that Medtronic (MDT) took a new $47M position.